The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-29
AFFAIRS OF THE RAILWAYS.
President npalls.s Annual Report.


President Ingalls's Annual Report.
Below is published the more important points
of the ann ual report of N. E. Ingalls,. president
of the G.. L, St L. & C. road, to the stockholders
which report will be made at the annual meet
ing next month. The company operated Az clio
miles of road. and 59,63 per cent. of the gross
earnings. The gross income of the company
for the fiscal year ending June So 1887, was two
million seven hundred and ffty-two thousand
eight hundred and ninetytwo dollars and sixty
seven cents 49, 752, 892 67). The cost of opera
ting the railway one million six hundred
aud forty thousand SIX hundred and eleven
dollars and twenty one cents tSl,64l .6lL.2l).
leaving net income of one million one hundred
and eleven Thousand two hundred and eighty
dollars and fortY-six cents ISL. Ill. Isl 46),
out of which interest. taxes and dividends were
paid Four dividends we're paid upon the STOCK
one of per cent. and three Of i. per cent. az
gregating Il per cent.
The amount charged for interest is very large
for the that old bonds were taken up
in the refunding operations alluded to hereaft-
err. the interest to date was charged up although
it might not be due This brought more than
the average amount into this year. Notwith-
standing this there was a very respectable bal
ance left after all payments During the y ear
nineteen miles of steel rails, weighing sxty-seven
pounds to Ito yard, was placed In the track
16 93S carloads of gravel ballast distributed. six
miles of additional side track put in and the
double track west from Cincinnati extended
three and half miles With but two exceptions
the bridges all combination iron and steel
two new postal cars two hundred
freight and four locomotives were
added to the equipment, and the policy of the
COMPANY to furnish the safest and best accom-
modatons has been continued. The property
of the company at the close of the year. con-
ssts of 39l miles of main track, eight miles OF
double track. and los miles OF sidings; or, 5O4
miles of track altogether, with its depots. sta
tions and lands; eighty-one locomotives. ninety
passenger. parlor chair. postal. and baggage
cars and 8. 253 freight cars. In alludlng to the
Ives .Staynor Vandslia deal, Mr.. ingalls, says:
Our arrangements for traffic and business with
other lines have remained mutually satisfactory,
except as to the Terre Hsute q Indianapolis
railroad The management of that COM
pany threw off our trains for st. Louis, but as
the Indianapolis q St. Louis at once gave US as
good service, with more business. we were cot
troubled except by temporary annoyance This
would not be alluded to here at length, except
that some of our stockholders have thought 1t
was a serious blow to our business, when the
fact is We always gave that company much more
traffic than received. This, OF course. we
can control; while the Indianapolis & St. Louis
have a much better local line and consequently
have more paying traffic to give Us in return.
The total tons of freight carried one mile dur
ing the year 2O7, 270 1852, an increase over
the previous year of 1892 per cent The rate
per ton per ton per mile was 100, a decrease
of 4-l00 from the previous year. This largely
Increased tonnage was handled without any in
crease of mileage of freight trains. The num-
Der of passengers carried one mile was 80, 49,
1885, an increase of 17-1O0 per cent; while the
rate received per passenger per mile was 20
IOO a decrease of HOO The earnings per mile
from all trains the road freight and passen-
GER was ST. 81; from freight trains alone, 81 IL;
from passenger trains, Sill This includes
Communication and branch, as wei! as through
trains The earnings -eported are for 29S miles
only. The Kankxkee & Seneca railroad. All
miles in length, is owned jointly by this COM
pany and the Chicago, Rock Island & Pacific
railway and its earnings and accounts have
been kept entirely separate, as well as that OF
tho other branches. The gross earnings OF the
Kankakea 81 Seneca railroad for the year were
seventy three thousand FIVE hundred and
ninety-two dollars and forty-sx cents (S73,-
500 46); of the Columbus, Hope g. Greensburg
railroad thirty-three thousand five hundred and
eightv-three dollars and sixty nine cents $685.
$50 69l; of the Vernon, Greeusburg q Rushvlie
railroad, for eight months. twenty-five thousand
four hundred and twenty-six dollars and ninety
two cents 1922 406 92i. Adding this to the in
come reported, two million seven hundred and
fifty two thousand eight hundred and ninety
two dollars and sixty cents (S2. 752 S92 6I.
makes two million eight hundred and eignty-two
thousand four hundred and ninety five dollars
and fourteen cents ts2, 8S2 495 IA as the gross
income of the entire system.
Regarding the bond-rsfunding scheme, which
originally amounted to $40 600 900, President
Ingalls, SAYS 1893 900 of tours have already been
issued. There are 100000 of the old bonds
that are still outstanding that fall due within
the terms of the contract with Drexel, Morgan
&c Co. and which therefore sure OF being
exchanged into tours. There $4,000 of
sizes which are being rapidly exchanged for tho
fours as the company has the right to call q
certain mum Der each year at 105 for the sinking
suud. and this renders them undesirable bond
for investors hold This leaves only ]. 750. 900
of old bonds out which are OF different issues,
aud due at different times.
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